PIA two-minute survey: Tell us what you think about ride sharing

PIANH’s two-minute survey for September addresses ride sharing. This month’s five-question survey includes the following: How do you think the insurance industry should respond to ride sharing? Make it clear that ride sharing is not covered by existing personal auto policies | Develop policies for ride sharing (i.e., for drivers or users) | Lobby state government to develop regulations similar to taxi companies | Wait to see if ride sharing is just a fad To read more about ride sharing, see the Tech Talk column in the September issue of PIA magazine.  

PIANH Symposium14, Oct. 2-3

Banter with your peers at PIANH’s Symposium14, Oct. 2-3, 2014, at the 100 Club and the Hilton Garden Inn, Portsmouth. This unique, two-day networking event features around-the-world wine and food tasting; PIANH’s Company Awards dinner; a keynote breakfast featuring Bernd G. Heinze, Esq., CLU; and an E&O session with Curt Pearsall, CPCU, CPIA, AU, ARM, AIAF, approved for 3 NHCEU. For more information, or to register, click here.  

Hassan creates WC commission

Gov. Maggie Hassan issued an Executive Order, creating the Commission to Recommend Reforms to Reduce Workers’ Compensation Medical Costs last week. The commission is aimed at helping to reduce workers’ compensation costs and ensure the injured workers have access to quality care. According to the Oregon Workers Compensation Rate Ranking Study, New Hampshire was the ninth-most expensive state for workers’ compensation in 2012. In response, the commission will make recommendations for reforming the state’s workers’ compensation system and review data behind these costs. More …  

Wakely study: NHID Individual market grew by 75 percent

The New Hampshire Insurance Department issued a report, analyzing changes to the state’s health insurance markets since the new federal reform was enacted in January 2014. The study, undertaken by Wakely Consulting Group, examines enrollment and premium shifts in New Hampshire’s health insurance marketplaces from 2013-14, using data provided by state insurers, third-party administrators, Medicaid and federal and state high-risk pools. Among the findings, the Patient Protection and Affordable Care Act had the most significant effect on the state’s individual marketplace, which grew by a staggering 75 percent. More …  

NHID rejects Frisbie inclusion request

The NHID has denied a Rochester woman’s request to include her doctor in the new provider network under the federal PPACA. In the state’s marketplace, Frisbie Memorial Hospital—through which Margaret McCarthy, the plaintiff, had received care—is excluded from the network, along with nine other of the 26 hospitals in New Hampshire. The department stated that so long as provider networks meet state standards, they are lawful even if, as a result, some medical providers are no longer included in the network. More …  

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NCCI publishes anniversary rating date resource

The National Council on Compensation Insurance has published online a resource, which offers a detailed explanation of anniversary rating date and how it impacts a workers compensation insurance policy. It also includes frequently asked questions and examples.  

NFIP documentation requirements for primary residence status

In Bulletin W-14001 dated Jan. 16, 2014, the National Flood Insurance Program provided revisions that require insurers to send the Important Notice to Residential Policyholders to certain residential policyholders as part of the June 1, 2014, program changes. Bulletin W-14048 updates these provisions to include an alternative statement that policyholders can sign to verify their primary residence status if the documentation listed is not available. Insurers can begin using the revised notice immediately.  

Flood claims manual updated

The NFIP Flood Insurance Claims Handbook (F-687) has been updated to transition from the confusing term "supplemental claim" to "request for additional payment." This resource can be downloaded from the Federal Emergency Management Agency Library here or ordered directly from the FEMA Distribution Center by calling (800) 480-2520.  

PIA, Floodbroker.com offer tools to help agents sell more flood insurance

PIANH and Floodbroker.com offer PIA-member agencies a unique sales tool to facilitate the sale of flood coverage and provide critical documentation of the agency’s efforts to do so. This agreement provides PIA-member agencies with a customized link installed on their own agency’s website to encourage current and prospective clients to consider and purchase flood coverage. The web portal leads consumers to flood insurance information, and with a simple application it will generate a quote for the customer, as well as a qualified lead for the agency to engage. More …  

Countdown to TRIA reauthorization

With the new congressional session just around the corner, your association continues to support the reauthorization of the Terrorism Risk Insurance Act. The Senate already has approved a TRIA reauthorization bill, in a 93-4 vote. However, similar efforts in the House have resulted in a stalemate as conservative members of the House continue to lobby for the inclusion of sweeping changes to the TRIA program in any reauthorization bill. Watch upcoming PIA publications as the session heads into midterms, as we predict that this issue will be a major talking point during elections. Rest assured, should TRIA be allowed to expire, your association will keep you apprised of all necessary information for you and your insureds. More …  

Tower Group and its subsidiaries downgraded to 'C'

A.M. Best has downgraded the financial strength rating to "C" (Weak), which remains under review, from "C++" (Marginal) and the issuer credit ratings to "ccc" from "b" of the pooled and reinsured members of the Tower U.S. Pool and Castle Point Reinsurance Co. Ltd. Concurrently, the issuer credit rating was downgraded to "c" from "cc" of the companies’ ultimate parent, Tower Group International Ltd. These ratings will remain under review pending the planned merger with ACP Re, which is expected to close in 2014. The merger termination date is Nov. 15, 2014. More … What this means for agents: It is prudent to notify your existing customers to make them aware of this new downgrade. More …   

Companion Property and Casualty Insurance Co. downgraded to 'B++'

A.M. Best has downgraded the financial strength ratings to "B++" (Good) from "A" (Excellent), issuer credit rating to "bbb" from "a," with the ratings placed under review with negative implications for Companion Property and Casualty Insurance Co. and its subsidiaries. The companies are collectively referred to as Companion Property and Casualty Group with the ultimate parent company being Blue Cross and Blue Shield of South Carolina. According to A.M. Best, "The rating actions follow the disclosure that BCBSSC has entered into a definitive agreement to sell Companion Property and Casualty Group to Enstar Group Ltd." Until the transaction is closed, the ratings will remain under review. More …  

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Ask PIA: Improperly canceled policies

Q. What am I supposed to do if one of my insureds walks into my office with a note of cancellation of his or her policy of automobile insurance that is blatantly improper, either because of its content or timing? A. New Hampshire Insurance Law Section 417-A:7 provides that any insured may, within 10 days of the receipt by the insured of notice of cancellation or notice of intention not to renew, or of the receipt of the reason or reasons for the cancellation or refusal to renew if they were not stated in the notice, request in writing to the insurance commissioner that the commissioner review the action of the insurer in canceling or refusing to renew the policy of such insured. The insurer is required to provide information regarding this process to the insured in the notice of cancellation or nonrenewal along with the phone number and mailing address of the insurance department. For a more comprehensive answer to this question, click here. To access our entire Ask PIA library offrequently asked questions and expert answers by PIA’s technical staff, click here.  

PIANH to hold Webinar on agency profitability

Agency growth and profitability is critical for the long-term success of any insurance agency. Most agencies focus their attention to sales, production, and overall growth, not paying a great deal of attention to the profit levels of the business they are writing or bonus opportunities. PIA’s Agency Underwriting Profitability & Contingency Bonus Maximization Webinar will address how to analyze, monitor, and manage an agency’s underwriting profitability properly. Most importantly, it will provide tools and strategies to maintain/grow a profitable book of business and activities to reverse adverse loss trends should an agency find itself in this situation. The course will be held Thursday, Sept. 18, 2014, from 10-11:45 a.m. Earn NHCEU: 2 GEN PRO. For more information or to register, click here.  

Additional upcoming PIANH Webinars

In addition to the Webinar on agency profitability, PIANH will offer the following Webinars in the next few months: Agency Staffing, Performance and Job Evaluations (Thursday, Oct. 2, from 10-11 a.m., NHCEU: N/A); E&O Hotspots … 2014 and Beyond^{^FF^UM} (Thursday, Oct. 16, from 10 a.m.-1 p.m., NHCEU: 3 GEN PRO); Top Ten Personal Lines Endorsements (Tuesday, Oct. 21, from 10-11 a.m., NHCEU: 1 GEN PRO); Ethics—Something Worth Pursuing (Tuesday, Dec. 2, from 10 a.m.-1 p.m., NHCEU: 3 ETHICS PRO); and Top Ten Commercial Lines Endorsements (Wednesday, Dec. 10, from 10-11 a.m., NHCEU: 1 GEN PRO). ^{^FF^UM}—This course has been approved for E&O loss-prevention credit by Fireman’s Fund and Utica Mutual. Call the PIA E&O Department for details at (800) 424-4244. For more information or to register, click here.  

Personal auto comparison

The NHID offers a consumer personal automobile insurance rate comparison guide. The guide offers different hypothetical rating examples and approximates premiums in different territories. It then takes a territory and offers hypothetical examples so that consumers can easily compare the information. To obtain your copy, access QS28048 in PIA’s QuickSource library.  

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